Berkadia Secures $141.9M in Construction Financing for a Multifamily Property in San Francisco, California
San Francisco, California – November 3, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the successful financing for ElevenEleven, a new mixed-use residential development in San Francisco. Managing Director Jay Abeywardena of Berkadia Affordable Housing arranged a combined $141.9 million in construction-permanent financing through the HUD 221(d)(4) program on behalf of the sponsor, San Francisco-based design and development firm, Martin Building Company. The transaction closed on October 9, 2025.
“This closing is the culmination of tremendous hard work and dedication from the entire deal team and I’m proud of Berkadia for navigating through a very complex underwriting and closing landscape to make this project a reality. I want to thank our client, Patrick McNerney, Founder and CEO of Martin Building Company for entrusting us to execute and our partners at HUD for their unmatched dedication and flexibility as we worked towards a successful closing,” said Abeywardena.
Located at 1101-1111 Sutter Street, ElevenEleven will feature 303 units, including 101 deeply affordable units and a 4,000-square-foot childcare center. The site currently houses two structures: a former auto repair shop with a public garage at 1101 Sutter Street and a dilapidated two-story building at 1111 Sutter Street. The three-level concrete auto-repair building at the corner of Sutter Street and Larkin Street will be rehabilitated and maintained as a public parking garage. On the west side, the aging structure will be demolished to make way for a new 22-story high-rise tower to house the new residential units.
The 22-story, 235-foot tower will offer contemporary rental apartments above a vibrant mix of street-level amenities, including the main resident lobby and lounge, well-appointed common spaces, retail, and a childcare center.
The official groundbreaking will be on December 11.
Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication that delivers comprehensive investment solutions to clients across the country and distinguishes itself by pairing deep technical expertise and a wide array of product offerings with the drive and focus necessary to help clients grow their business.
Berkadia Provides $141.9Mln HUD Loan for San Francisco Apartments | Commercial Real Estate Direct